Finance Minister Jim Flaherty Tuesday announced appointments to the board of directors of both the Bank of Canada and the Canada Pension Plan Investment Board (CPPIB).

Phyllis Clark and Derek Key were named to the BoC board of directors.

Clark is vice president of finance and administration and chief financial officer of the University of Alberta, and previously served in a similar capacity at York University.

She was assistant deputy minister of the Management Board Secretariat as well as chief economist and assistant deputy minister of the Department of Finance for the Province of Ontario.

Key is a partner with McInnis Cooper’s Prince Edward Island office, where he practices as a corporate commercial lawyer with a focus on aerospace and employment law.

With more than 25 years of practiceKey has had the opportunity to work with and appear before virtually all PEI tribunals, municipal and provincial planning boards, city councils and the three levels of courts in the province.

“Ms. Clark and Mr. Key bring significant financial, management and professional expertise to the Bank’s Board,” said Flaherty.

Flaherty also announced the appointment of Jo Mark Zurel to the CPPIB board of directors.

Currently president of Stonebridge Capital Inc., Zurel will be able to draw upon a 25-year career that has featured, among other things, the successful transformation of a regional helicopter operator into the world’s largest. He was also named among Canada’s Top 40 under 40 in 2000.

“Jo Mark Zurel brings significant business acumen to this new role,” said Flaherty. “I wish him continued success as a member of the CPPIB.”